Saturday, October 27, 2018

China To Hold Crucial Meeting With Indian Exporters To Increase Shipments

China To Hold Crucial Meeting With Indian Exporters To Increase Shipments

For the past few months, China has executed a liberal trade regime towards India, specifically for farm products. It is expected that in next month or so China will scrap or reduce levies on dozens of items, including uncombed single cotton, castor oil, menthol, granite, and diamonds

New Delhi — China is set to hold a crucial meet with Indian exporters in November in a bid to remove obstacles that limit shipments from the Indian side. The meeting will be held in New Delhi, wherein different authorities of China will hear concerns relating to market access and trade regulations.

India's Minister of Commerce Suresh Prabhu said on Friday that China has agreed to import more from India and a meeting will be held very soon.

"Global disruptions offer a chance to increase Indian exports… Industry needs to first find which other countries want to import and manufacture in India that can be exported," Prabhu said at an event organised by the Confederation of Indian Industries (CII) in New Delhi.

India has been emphasising agri exports to China to bring down the burgeoning bilateral trade deficit, which crossed $63 billion last year. India also plans to unveil an Agri export policy to give a major boost to the agricultural sector and will pave the way for Indian farmers' income to be doubled. India produces 600 million tons of agricultural produce and has the capacity to export excess production to the world.

China has already liberalised its import policy for Asian countries, including India, since the beginning of 2018, largely to offset the impact of the tariff war with the US. Due to this, India was able to successfully raise its exports to China at an average of 52.9% year-on-year during April-August this year, subsequently helping India to reduce its trade deficit with China by $2.8 billion.